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Equities Roundup: AI Chip Demand Boosts IT Shares, Eminis New Highs

US STOCKS
  • Stocks remain strong after midday, IT sector helping SPX Eminis mark new contract highs. Currently, S&P E-Minis are up 96.75 points (1.94%) at 5092.75, Nasdaq up 433.7 points (2.8%) at 16014.09, DJIA up 397.21 points (1.03%) at 39009.01.
  • Leading Gainers: Information Technology and Consumer Discretionary sectors outperformed, semiconductor makers bounced back from midweek selling after Nvidia beat earnings late Wednesday on the back of continued AI demand: Nvidia +14.52%, Advanced Micro Devices +10.76%, Broadcom +6.1% and Applied Materials +5.5%.
  • Meanwhile, broadline retailers buoyed the Consumer Discretionary sector: Amazon +3.29%, CarMax +2.78%, Ebay +1.51%.
  • Laggers: Utilities and Energy sectors retreated from midweek gains, multi energy providers supported the Utilities sector: AES Corp -2.54%, Dominion Energy -1.71%, DTE Energy -1.43%. Oil and gas services weighed on the latter: APA -4.2%, Kinder Morgan -0.77%, Diamond Back Energy -0.62%.
  • Looking ahead: Corporate earnings after the close: EOG Resources, Copart Inc, BioMarin Pharmaceuticals, Insulet Corp, Intuit Inc, Carvana, Floor & Decor Holdings.

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